HONG KONG, Nov 1 (Reuters) - A Baidu Inc unit priced its initial public offering above a revised marketing range, raising a higher-than-expected $167 million in the deal, IFR reported on Friday, citing sources with direct knowledge of the deal.
Qunar Cayman Islands Ltd, which provides online travel services, priced the IPO at $15 per American Depositary Receipt (ADR), above the indicative range of $12 to $14, added IFR, a Thomson Reuters publication. The company had already raised the marketing range previously from an original $9.50 to $11.50 per ADR.
Baidu acquired a majority stake in Qunar, which means “where are you going” in Chinese, in 2011 for $306 million, but the company has yet to turn a profit, according to filings.
Deutsche Bank, Goldman Sachs and Stifel led the IPO.